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Mizuho Securities initiates coverage on Whiting Petroleum (NYSE: WLL) with a Neutral rating and a price target of $9.00.

Analyst Timothy Rezvan commented, "While Whiting high-graded its Williston Basin footprint with 2014's Kodiak acquisition, it also created a leverage problem that persists today, and led to sharply declining production. Asset sales, debt exchanges and JVs help on the margin, but can't mitigate the impact of declining crude prices. WLL shares trade cheap to the group, as they have for several years (7.7x 2017E EV/EBITDA, 2.4 turns below group), given the impact of declining production. We remain on the sidelines for now, as we await further balance sheet healing amid prolonged oil price weakness."

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